GuruFocus Report 0P000002AC

GuruFocus Manual of Stocks™ | Nov 07, 2023
Franklin Street Properties Corp (AMEX:FSP) www.gurufocus.com/stock/AMEX:FSP
Franklin Street Properties Corp GF Value Rank Valuation Analysis Dividend & Ownership
Industry Historical Current % of Price Dividend Yield (TTM) % 2.05
(AMEX:FSP) Rank: 7 /10 Current
Median Median EPV -8.24 -412 Dividend Yield (Forward) % 2.05
NCAV -3.60 -180 Dividend Payout Ratio 0.50
[1] Modestly Undervalued[5] $ 2.00 PE Ratio 25.00 16.73 59.83
Price 2.00 Dividend Growth (5Y) % -19.10
GF Score: 69/100 Market Cap: $ 207 Mil Forward P/E N/A 14.60 N/A
PB Ratio 0.27 0.79 1.07 GF Value 2.65 133 Yield on Cost (5Y) % 0.71
Industry: Real Estate - REITs
PS Ratio 1.32 6.15 3.43 Median PS Value 5.07 254 Continuous Div. since 2022
IPO Date: 2005-06-02 Tangible Book 7.34 367
P/FCF N/A 11.99 19.46 Insider Ownership % 2.14
Franklin Street Properties Corp is a real estate investment
Shiller P/E 9.23 10.73 24.28 Institution Ownership % 31.37
trust. The company is focused on commercial real estate
PEG Ratio N/A 3.16 9.01
investments�in office markets. The company's operations
include rental income from real estate leasing, interest As of 11-07- * All financial numbers are in millions except for per share data, ratios and percentage change. "Neg. E" means negative equity.
2023
income from secured loans made on office properties, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Performance
property dispositions, and fee income from asset/property
management and development. Franklin Street markets 15.27
Atlanta, Dallas, Denver, Houston, and Minneapolis. It owns a

portfolio of real estate consisting o... read more % Gain SP500
7.07
Latest FY Operating Revenue by Business Segment 1W 14.29 4.84
Business Segment Name 2022 Percentage 1M 14.30 1.43
Rental 163.74 98.86% 3M 11.76 -2.49
Management fees and interest income 1.13
6M 60.61 5.59
1.86 1.12%
from loans
Other 0.02 0.01% YTD -25.05 13.93
3M
1Y -29.44 15.77
Financial Strength 3Y -16.38 7.56
Industry Historical
Rank: 3 /10 Current 5Y -19.58 9.62
Median Median
Cash-to-Debt 0.02 0.08 0.01 1.7M 10Y -12.17 9.41
Equity-to-Asset 0.63 0.54 0.48
Interest Coverage 0.00 3.19 1.22
Piotroski F-Score 5 5 5
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Current Key Data
Profitability Rank
Industry Historical 15.27 12.88 13.46 13.15 13.26 10.75 8.88 8.41 6.59 6.22 3.19 Highest Stock Price
Rank: 6 /10 Current 11.76 11.19 9.54 8.81 9.74 6.10 6.27 3.44 4.10 2.40 1.13 Lowest Stock Price
Median Median
1,197 1,229 1,037 1,390 1,152 668 918 469 619 282 207 Market Cap
Operating Margin % -0.27 52.34 15.42
93.9 100.2 100.2 102.8 107.2 107.2 107.2 107.3 106.7 103.3 103.3 Shares Outstanding-Diluted
Net Margin % 5.35 29.99 5.07
56.90 94.38 29.57 162.00 At Loss 51.92 142.67 14.57 6.84 273.00 25.00 PE Ratio
ROE % 1.09 4.19 1.42
1.14 1.25 1.11 1.44 1.32 0.80 1.17 0.61 0.79 0.37 0.27 PB Ratio
ROA % 0.67 2.04 0.67
5.25 4.92 4.25 5.33 4.23 2.49 3.41 1.91 3.03 1.70 1.32 PS Ratio
ROC (Joel Greenblatt) % 172.28 125.54 461.94
17.57 15.11 12.48 18.57 17.58 11.62 13.70 8.67 5.14 7.71 6.41 EV-to-EBITDA
Growth Rank (* per share data) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TTM Per Share Data
Rank: 2 /10 10-Yr 5-Yr 1-Yr 2.28 2.49 2.43 2.43 2.54 2.51 2.51 2.29 1.96 1.60 1.51 Revenue per Share
Revenue Growth % -1.6 -8.6 -10.8 0.21 0.13 0.35 0.08 -0.15 0.12 0.06 0.30 0.87 0.01 0.08 Earnings per Share
EBITDA Growth % N/A -0.4 -42.4 -5.14 0.84 0.04 -2.10 0.39 0.27 0.10 -0.09 -0.27 -0.38 -0.25 Free Cash Flow per Share
Oprt. Income Growth % -23.0 -52.2 -110.8 0.76 0.76 0.76 0.76 0.76 0.46 0.36 0.36 0.36 0.20 0.04 Dividends per Share
EPS w/o NRI Growth % N/A N/A N/A 10.48 9.78 9.34 8.97 8.13 7.81 7.33 7.16 7.53 7.45 7.34 Tangible Book per Share
FCF Growth % N/A N/A N/A -- 19.43 18.26 16.34 15.33 13.68 12.87 10.92 8.48 5.78 5.07 Median PS Value
Book Value Growth % -4.1 -1.6 0.5 6.52 5.16 4.96 4.26 -- 4.59 3.15 -- -- -- -- Graham Number
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TTM Income Statement
Momentum Rank
213.64 249.68 243.87 249.89 272.59 268.87 269.07 245.85 209.36 165.62 156.08 Revenue
Industry Historical 130.92 150.79 143.32 144.41 155.54 152.31 148.88 130.52 107.42 78.18 72.61 Gross Profit
Rank: 9 /10 Current
Median Median 61.28 60.39 58.77 57.79 57.06 56.65 55.33 53.09 51.31 47.20 46.52 Gross Margin %
5-Day RSI 71.97 62.34 N/A 90.75 108.90 104.65 107.18 114.73 107.30 105.38 103.56 94.44 77.69 73.03 Total Operating Expense
9-Day RSI 67.42 55.92 N/A 40.17 41.90 38.67 37.24 40.81 45.01 43.50 26.96 12.97 0.48 -0.42 Operating Income
14-Day RSI 63.16 51.72 N/A 18.80 16.78 15.86 14.90 14.97 16.74 16.17 10.97 6.20 0.29 -0.27 Operating Margin %
6-1M Momentum % 39.68 -4.77 N/A 19.83 13.15 35.01 8.38 -15.94 13.07 6.48 32.62 92.72 1.09 8.35 Net Income
12-1M Momentum % -39.31 -7.64 N/A 9.28 5.27 14.36 3.35 -5.85 4.86 2.41 13.27 44.29 0.66 5.35 Net Margin %
38.83 41.08 60.88 35.34 20.45 45.01 43.50 68.89 125.21 24.11 32.26 EBIT
Quarterly
119.73 139.63 154.31 130.59 124.19 141.63 136.89 160.16 206.21 89.69 93.63 EBITDA
Jun22 Sep22 Dec22 Mar23 Jun23 2.07 1.30 3.66 0.88 -1.74 1.53 0.80 4.20 11.95 0.14 1.09 ROE %
Revenue 41.30 40.84 41.21 37.77 36.27 1.11 0.66 1.82 0.42 -0.78 0.67 0.35 1.79 5.87 0.08 0.67 ROA %
Net Income -9.11 17.25 -2.88 2.41 -8.42 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Jun23 Balance Sheet
EPS -0.09 0.17 -0.03 0.02 -0.08 19.62 7.52 18.16 9.34 9.77 11.18 9.79 2.65 34.31 3.74 5.95 Cash & Equivalents & MS
Revenue YoY % -26.43 -19.62 -4.98 -10.64 -12.20 177.88 163.95 193.71 154.29 146.24 150.18 108.77 106.35 115.73 81.34 67.76 Total Current Assets
2,044 1,936 1,919 2,088 1,991 1,898 1,843 1,793 1,364 1,242 1,199 Total Assets
Net Income YoY % -156.41 287.03 -103.67 -157.86 -7.57
-- -- -- -- -- -- -- -- -- -- -- Short-Term Debt & CLO
EPS YoY % -160.00 325.00 -104.00 -150.00 -11.11 44.14 42.56 49.49 57.26 61.04 59.18 66.66 72.06 89.49 50.37 32.50 Total Current Liabilities
926.50 888.00 907.65 1,045 1,042 988.13 966.64 921.54 474.79 413.02 399.61 Long-Term Debt & CLO
Warning Signs 993.87 956.74 983.36 1,126 1,119 1,060 1,056 1,025 580.97 472.93 440.22 Total Liabilities
SEVERE Financial Strength: Poor 1,050 979.65 935.66 962.04 871.29 837.63 786.40 768.09 783.20 768.74 759.09 Total Stockholders Equity
SEVERE Altman Z-Score: Distress 1,050 979.65 935.66 962.04 871.29 837.63 786.40 768.09 783.20 768.74 759.09 Total Equity
SEVERE Revenue per Share: Declined 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TTM Cashflow Statement
SEVERE Gross Margin %: Declined 92.03 103.17 102.89 94.38 95.95 80.20 81.92 68.45 36.36 15.23 25.94 Cash Flow from Operations
-562.65 1.84 -38.10 -244.97 -5.09 25.64 -19.62 11.04 505.47 74.04 108.31 Cash Flow from Investing
468.98 -117.11 -54.14 141.77 -90.40 -104.49 -63.69 -85.13 -505.24 -123.39 -132.25 Cash Flow from Financing
Good Signs
-1.64 -12.10 10.64 -8.82 0.45 1.36 -1.39 -5.64 36.60 -34.12 2.00 Net Change in Cash
GOOD Beneish M-Score: Unlikely manipulator 19.62 7.52 18.16 9.37 9.82 11.18 9.79 4.15 40.75 6.63 6.70 Ending Cash Position
-574.07 -18.56 -98.64 -310.12 -54.31 -51.06 -70.75 -77.92 -64.83 -54.91 -51.78 Capital Expenditure
Insider Trades -482.04 84.61 4.25 -215.74 41.64 29.15 11.17 -9.47 -28.47 -39.68 -25.84 Free Cash Flow
Insider Position Date Trades Cur. Shares Competitor (* Up to 5 competitors are listed here. See full competitors list in the Competitive Comparison section below)
Hansen Brian N Director 08/22/23 25000 1.17M Market Cap GF Score Financial Profitability GF Value Growth Momentum
Ticker Company PE Ratio
Hansen Brian N Director 08/08/23 23590 1.15M ($M) /100 Strength /10 Rank /10 Rank /10 Rank /10 Rank /10
Odle Jonathan Bennett 10% Owner 05/26/23 -365000 10.14M NYSE:PSTL Postal Realty Trust Inc 302 105.15 81 3 6 7 9 5
Hansen Brian N Director 05/26/23 100000 1.13M NYSE:ONL Orion Office REIT Inc 299 At Loss 26 4 5 0 0 0
Hansen Brian N Director 05/16/23 100000 997,353 NAS:OPI Office Properties Income Trust 262 At Loss 60 3 5 4 4 2
Hansen Brian N Director 03/09/23 100000 897,353 AMEX:FSP Franklin Street Properties Corp 207 25.00 69 3 6 7 2 9
NYSE:CIO City Office REIT Inc 168 At Loss 72 4 6 4 6 4
Mcgillicuddy Dennis J Director 03/08/23 200000 3.89M
Hansen Brian N Director 03/03/23 100000 797,353
1/16
Financial Strength[2] (Quarterly data, as of Jun. 2023) : Poor (3/10) 0 1 2 3 4 5 6 7 8 9
Cash-to-Debt : 0.02 Piotroski F-Score : 5
Cash-to-Debt Ratio measures the financial strength of a company. It is The Piotroski F-Score is used to determine the strength of a firm's financial
calculated as a company's cash, cash equivalents, and marketable position, with 9 being the best and 0 being the worst.
securities divide by its debt. A high ratio indicates that a company is better
able to pay back its debt, and is thus able to take on more debt if necessary. 0 1 2 3 4 5 6 7 8 9
Equity-to-Asset : 0.63 WACC : 6.46% vs ROIC : -0.03%
Equity-to-Asset ratio is calculated as total stockholders equity divided by its The weighted average cost of capital (WACC) is the rate that a company is
total assets. Equity-to-Asset ratio can vary greatly across different expected to pay on average to all its security holders to finance its assets.
industries, as they have different capital structure. A company with smaller Return on invested capital (ROIC) measures how well a company generates
Equity-to-Asset ratio (more leveraged) may have higher ROE % because of cash flow relative to the capital it has invested in its business.
the leverage.
Dividend Yield : 2.76%

Debt-to-Equity : 0.53
Dividend yield is a way to measure how much cash flow you are getting for
A high Debt-to-Equity ratio generally means that a company has been each dollar invested in an equity position.
aggressive in financing its growth with debt.
2/16
Profitability[3] (Annual data, as of Dec. 2022) : Fair (6/10) 0 1 2 3 4 5 6 7 8 9
Revenue : $36 Mil vs Net Income : $-8 Mil EPS without NRI : $-0.07
Revenue is the amount of money that a company actually receives during a Earnings Per Share without Non-Recurring Items is the amount of earnings
specific period, including discounts and deductions for returned without non-recurring items per outstanding share of the company's stock.
merchandise. Net Income is a company's total profit. Net income is In calculating earnings per share without non-recurring items, the dividends
calculated by taking revenues and adjusting for the cost of doing business, of preferred stocks and Non Operating Income need to subtracted from the
depreciation, interest, taxes and other expenses. total net income first.
Cash & Equivalents : $6 Mil vs Long-Term Debt* : $400 Mil Dividends per Share : $0.01
Cash & equivalents are the most liquid assets on the balance sheet. Cash Dividends per Share is the amount of dividends that the shareholders of a
equivalents are assets that are readily convertible into cash. Long-Term company receive on a per-share basis. It is calculated using the total
Debt* consists of loans and obligations lasting over one year. dividends paid out to shareholders over one fiscal year and the number of
shares outstanding.
Operating Margin % : -4.01%

Free Cash Flow per Share : $-0.05
Operating margin % measures how much profit a company makes on a
dollar of sales. Operating Margin % is calculated as Operating Income Free Cash flow per Share is the amount of Free cash flow per outstanding
divided by Revenue. share of the company's stock.
3/16
Valuation (Quarterly data, as of Jun. 2023)

These valuation metrics should give you a sense of reasonable prices, but be careful with them. Always seek to understand why a valuation is changing
over time.
Valuation Chart (Current stock price : $2.00) PS Ratio : 0.96
The price-to-sales ratio is a valuation ratio that compares a company’s stock

price to its revenues. The price-to-sales ratio is an indicator of the value
placed on each dollar of a company’s sales or revenues.
PE Ratio without NRI : At Loss
The price-to-earnings ratio can be affected by Non Operating Income such

as the sale of part of businesses. This may increase for the current year or Price-to-Free-Cash-Flow : 0.00
quarter dramatically. But it cannot be repeated over and over. Therefore PE
Ratio without NRI is a more accurate indication of valuation than regular PE Price-to-free-cash-flow is very similar to the valuation metric of price-to-
Ratio. operating-cash-flow but is considered a more exact measure, owing to the
fact that it uses free cash flow, which subtracts capital expenditures from a
company's total operating cash flow, thereby reflecting the actual cash flow
available to fund non-asset-related growth.
PB Ratio : 0.20
The price-to-book ratio measures the valuation of the stock relative to the
underlying asset of the company. EV-to-EBIT : 16.85
Enterprise value of a company divided by its trailing 12 months earnings

before interest and taxes (EBIT).
4/16
Valuation Bands
In these charts the 10-year valuation bands of the price-to-earnings ratio (PE Ratio), price-to-book ratio (PB Ratio), price-to-sales ratio (PS Ratio) and price-
to-operating-cash-flow ratio (POCF) are drawn together with the historical stock prices. For example, the upper line of the PE band is where the stock price
would have been if it were always traded at the maximum PE ratio of the past 10 years. The lower line of the PE band is where the stock price would have
been if it were always traded at the lowest PE ratio of the past 10 years. It is always better if the stock price is close to the lower line, which indicates a
lower valuation.
Historical Price and PE Band Historical Price and PB Band
Historical Price and PS Band Historical Price and Price-to-Operating-Cash-Flow (POCF) Band
5/16
Warning Signs
GuruFocus conducted a thorough checkup using a checklist of 32 items that cover the areas of financial strength, profitability, growth, and valuation of each
company. The purpose of Warning Signs is to warn you that the company may have red flags in certain areas, helping to avoid overlooking them. These
warning signs do not necessarily mean you should not invest in the stock. But you should be aware of them before you invest.
Severe Warning Signs Medium Warning Signs
Financial Strength : Poor Dividend Yield % : Close to 10-year low

Franklin Street Properties Corp displays Franklin Street Properties Corp stock
poor financial strength. Usually, this is dividend yield is close to 10-year low.
caused by too much debt for the
company.
Altman Z-Score : Distress PE Ratio : Close to 3-year high

Altman Z-score of -0.14 is in distress Franklin Street Properties Corp stock PE
zone. This implies bankruptcy possibility Ratio (=24.63) is close to 3-year high of
in the next two years. 24.63
Revenue per Share : Declined

Franklin Street Properties Corp revenue
per share has been in decline for the last
5 years.
Gross Margin % : Declined

Franklin Street Properties Corp gross
margin has been in long-term decline. The
average rate of decline per year is -3.6%.
Operating Margin % : Declined

Franklin Street Properties Corp operating
margin has been in a 5-year decline. The
average rate of decline per year is -
48.3%.
Good Signs
Beneish M-Score : Unlikely manipulator

Beneish M-Score -2.93 no higher than -
1.78, which implies that the company is
unlikely to be a manipulator.
Insider Buy : Insider Buying

There were 1 insider buying transactions
over the past 3 months. The total number
of shares bought is 25,000.
6/16
Competitive Comparison
5 Year Price Change Comparison
Financial Strength
Financial Equity-to- Interest Piotroski F- Altman Z- Beneish M-
Company Cash-to-Debt Debt-to-Equity WACC % ROIC %
Strength Asset Coverage Score Score Score
NYSE:ARE Alexandria Real Estate Equities Inc 4/10 0.05 0.51 0.62 11.62 5 0.83 -2.64 7.60 1.95
NYSE:CIO City Office REIT Inc 4/10 0.06 0.51 0.86 1.17 4 0.40 -2.35 6.49 2.09
XPAR:GFC Gecina Nom 4/10 0.09 0.60 0.60 4.06 5 0.54 -2.72 6.09 2.32
NYSE:ONL Orion Office REIT Inc 4/10 0.08 0.61 0.58 0.17 5 0.04 -2.92 7.16 0.31
NYSE:PKST Peakstone Realty Trust 4/10 0.24 0.42 1.20 0.76 6 -0.69 -3.07 5.69 1.56
NYSE:BXP Boston Properties Inc 3/10 0.06 0.23 2.69 1.90 5 0.70 -2.61 6.79 4.52
NAS:CMCT Creative Media & Community Trust 3/10 0.05 0.41 1.29 0.00 4 -0.99 -2.77 6.59 -0.22
ASX:DXS Dexus 3/10 0.02 0.66 0.44 2.78 6 1.09 -2.87 7.41 2.32
BOM:542602 Embassy Office Parks REIT 3/10 0.04 0.51 0.66 1.51 6 0.74 -2.44 6.67 2.60
AMEX:FSP Franklin Street Properties Corp 3/10 0.02 0.63 0.53 0.00 5 -0.14 -2.93 6.46 -0.03
NYSE:HPP Hudson Pacific Properties Inc 3/10 0.02 0.35 1.53 0.41 3 0.20 -2.52 5.04 1.00
TSE:8952 Japan Real Estate Investment Corp 3/10 0.05 0.51 0.82 20.62 6 1.14 -2.77 4.50 3.25
OTCPK:KBSR KBS Real Estate Investment Trust III Inc 3/10 0.04 0.13 6.17 0.18 4 -0.33 -2.75 7.02 0.88
TSE:8951 Nippon Building Fund Inc 3/10 0.01 0.51 0.84 16.86 N/A 1.10 -2.61 4.48 2.96
NAS:OPI Office Properties Income Trust 3/10 0.01 0.32 1.98 1.02 4 -0.25 -2.53 5.11 2.66
TSE:8954 Orix Jreit Inc 3/10 0.18 0.52 0.83 15.27 8 1.09 -2.41 4.42 3.74
NYSE:PDM Piedmont Office Realty Trust Inc 3/10 0.00 0.43 1.16 0.87 6 -0.21 -2.68 6.76 2.04
NYSE:PSTL Postal Realty Trust Inc 3/10 0.01 0.44 0.95 1.55 5 0.83 -2.43 7.80 2.60
NYSE:VNO Vornado Realty Trust 3/10 0.11 0.35 1.55 0.95 4 0.11 -2.66 6.98 2.22
7/16
Competitive Comparison - Cont.
Profitability
3-Year
Profitability Operating Price-to-Free- ROC (Joel 3-Year EBITDA 3-Year EPS w/o
Company Net Margin % ROE % ROA % Revenue
Rank Margin % Cash-Flow Greenblatt) % Growth % NRI Growth %
Growth %
NYSE:ARE Alexandria Real Estate Equities Inc 8/10 24.89 8.83 1.33 0.68 10.70 37.05 5.60 3.10 3.80
NYSE:BXP Boston Properties Inc 8/10 32.02 5.94 3.18 0.79 7.05 0.00 1.20 7.70 -3.20
ASX:DXS Dexus 7/10 49.82 -81.80 -5.26 -3.65 9.55 -151.25 -4.50 0.00 0.00
XPAR:GFC Gecina Nom 7/10 62.29 -123.91 -7.97 -4.88 64.32 -56.01 -6.90 -44.80 -58.50
NYSE:HPP Hudson Pacific Properties Inc 7/10 8.34 -8.54 -2.62 -0.93 2.44 19.12 11.00 7.10 0.00
TSE:8952 Japan Real Estate Investment Corp 7/10 47.43 44.31 6.35 3.23 67.21 3.61 2.40 4.10 7.20
TSE:8954 Orix Jreit Inc 7/10 48.53 44.29 6.55 3.36 17.57 4.00 1.00 1.40 3.00
NYSE:PDM Piedmont Office Realty Trust Inc 7/10 14.02 9.53 3.06 1.34 8.79 2208.90 2.60 -1.90 -19.20
NYSE:CIO City Office REIT Inc 6/10 19.44 -5.76 -1.27 -0.66 2.87 81.89 5.80 6.50 0.00
AMEX:FSP Franklin Street Properties Corp 6/10 -0.27 5.35 1.09 0.67 0.00 172.28 -13.90 -12.10 0.00
TSE:8951 Nippon Building Fund Inc 6/10 44.74 41.98 5.60 2.88 50.82 3.19 2.10 3.40 7.10
NYSE:PKST Peakstone Realty Trust 6/10 18.19 -240.53 -40.44 -19.10 2.10 -2036.32 66.70 0.00 49.60
NYSE:PSTL Postal Realty Trust Inc 6/10 21.85 6.33 1.70 0.76 10.49 118.18 9.60 31.10 0.00
NYSE:VNO Vornado Realty Trust 6/10 17.14 -17.99 -5.54 -1.97 6.54 -3.19 -2.30 -53.30 0.00
NAS:CMCT Creative Media & Community Trust 5/10 -1.34 -21.01 -6.03 -3.02 15.39 0.00 -19.70 -59.10 -36.60
BOM:542602 Embassy Office Parks REIT 5/10 44.82 19.00 2.67 1.40 22.90 38.79 8.70 9.70 -23.60
OTCPK:KBSR KBS Real Estate Investment Trust III Inc 5/10 6.61 -62.12 -40.61 -7.51 8.57 -156.44 -1.50 -36.00 0.00
NAS:OPI Office Properties Income Trust 5/10 20.37 -4.91 -1.91 -0.65 1.74 134.77 -6.70 -11.00 0.00
NYSE:ONL Orion Office REIT Inc 5/10 2.54 -47.30 -9.81 -6.05 3.25 -99.13 55.00 10.60 0.00
Valuation
Price-to-
Price-to- Price-to- Price-to-Peter- Price-to- Earnings Yield Forward Rate of
Intrinsic-Value-
Company PE Ratio PB Ratio PS Ratio Intrinsic-Value- Median-PS- Lynch-Fair- Graham- (Joel Return
DCF (Earnings
Projected-FCF Value Value Number Greenblatt) % (Yacktman) %
Based)
NYSE:CIO City Office REIT Inc At Loss 0.25 0.90 0.13 0.00 0.00 0.00 0.00 2.20 55.95
NAS:CMCT Creative Media & Community Trust At Loss 0.00 0.80 0.20 0.00 0.24 0.00 0.00 -0.46 -10.12
ASX:DXS Dexus At Loss 0.59 8.71 0.45 0.00 0.84 0.00 0.00 -4.68 6.24
XPAR:GFC Gecina Nom At Loss 0.61 8.95 0.64 0.00 0.82 0.00 0.00 -6.51 -28.62
NYSE:HPP Hudson Pacific Properties Inc At Loss 0.27 0.74 0.14 0.00 0.13 0.00 0.00 2.18 38.76
OTCPK:KBSR KBS Real Estate Investment Trust III Inc At Loss 2.00 2.04 0.51 0.00 0.00 0.00 0.00 -3.23 -4.21
NAS:OPI Office Properties Income Trust At Loss 0.20 0.49 0.09 0.00 0.20 0.00 0.00 2.93 69.55
NYSE:ONL Orion Office REIT Inc At Loss 0.32 1.47 0.00 0.00 0.00 0.00 0.00 -8.33 0.00
NYSE:PKST Peakstone Realty Trust At Loss 0.39 0.58 0.20 0.00 0.00 0.00 0.00 -44.64 68.20
NYSE:VNO Vornado Realty Trust At Loss 0.94 2.43 0.44 0.00 0.41 0.00 1.62 -0.28 -17.60
NYSE:PDM Piedmont Office Realty Trust Inc 9.90 0.42 1.30 0.30 4.05 0.27 0.00 1.52 5.68 12.49
TSE:8954 Orix Jreit Inc 21.30 1.39 9.44 1.77 0.00 0.97 0.00 1.15 3.38 2.33
TSE:8952 Japan Real Estate Investment Corp 24.00 1.52 10.63 1.82 0.00 0.87 0.00 1.28 2.95 5.59
AMEX:FSP Franklin Street Properties Corp 25.00 0.27 1.32 0.35 0.00 0.39 0.00 0.00 5.37 -6.62
TSE:8951 Nippon Building Fund Inc 26.27 1.47 11.03 2.53 1.91 0.86 0.00 1.35 2.59 1.00
BOM:542602 Embassy Office Parks REIT 45.70 1.25 8.69 0.00 0.00 0.00 0.00 1.95 4.00 0.00
NYSE:BXP Boston Properties Inc 46.65 1.56 2.79 0.57 5.07 0.38 0.00 2.11 3.54 17.20
NYSE:ARE Alexandria Real Estate Equities Inc 72.84 0.93 6.15 0.72 2.35 0.63 0.00 1.31 1.67 9.36
NYSE:PSTL Postal Realty Trust Inc 105.15 1.22 4.40 0.00 0.00 0.00 4.90 2.47 2.55 27.73
8/16
Peter Lynch Chart[4]
9/16
Per Share Data
Per Share Data
Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 TTM Fiscal Period
1.71 1.69 1.61 1.45 1.69 1.95 2.28 2.49 2.43 2.43 2.54 2.51 2.51 2.29 1.96 1.60 1.51 Revenue per Share
1.07 0.95 1.00 0.83 1.01 1.17 1.28 1.39 1.54 1.27 1.16 1.32 1.28 1.49 1.93 0.87 0.91 EBITDA per Share
0.63 0.52 0.45 0.32 0.39 0.47 0.41 0.41 0.61 0.34 0.19 0.42 0.41 0.64 1.17 0.23 0.31 EBIT per Share
0.86 0.45 0.38 0.28 0.53 0.09 0.21 0.13 0.35 0.08 -0.15 0.12 0.06 0.30 0.87 0.01 0.08 Earnings per Share (Diluted)
0.51 0.45 0.37 0.22 0.24 0.28 0.18 0.12 0.12 0.09 -0.04 0.12 0.06 -0.09 -0.18 -0.18 -0.23 EPS without NRI
-3.20 -3.61 -0.32 -0.57 0.15 -0.25 0.16 0.62 0.68 -0.34 -0.31 -0.04 -0.19 0.10 0.92 -0.17 0.05 Owner Earnings per Share (TTM)
-0.11 -0.14 -0.48 0.43 -0.02 -1.82 -5.14 0.84 0.04 -2.10 0.39 0.27 0.10 -0.09 -0.27 -0.38 -0.25 Free Cash Flow per Share
0.99 0.91 0.95 0.62 0.75 0.85 0.98 1.03 1.03 0.92 0.90 0.75 0.76 0.64 0.34 0.15 0.25 Operating Cash Flow per Share
1.37 0.95 0.93 0.79 1.15 0.97 1.05 1.11 1.05 1.02 1.01 1.02 0.93 0.76 0.57 0.42 0.36 FFO per Share
0.67 0.42 0.34 0.84 0.29 0.26 0.20 0.08 0.18 0.09 0.09 0.10 0.09 0.03 0.33 0.04 0.06 Cash per Share
1.24 1.00 0.76 0.76 0.76 0.76 0.76 0.76 0.76 0.76 0.76 0.46 0.36 0.36 0.36 0.20 0.04 Dividends per Share
12.64 12.05 11.76 11.32 11.11 10.43 10.48 9.78 9.34 8.97 8.13 7.81 7.33 7.16 7.53 7.45 7.34 Book Value per Share
12.64 12.05 11.76 11.32 11.11 10.43 10.48 9.78 9.34 8.97 8.13 7.81 7.33 7.16 7.53 7.45 7.34 Tangible Book per Share
1.20 2.02 2.37 3.56 5.41 7.44 9.25 8.86 9.06 9.75 9.71 9.22 9.01 8.59 4.57 4.00 3.86 Total Debt per Share
14.80 14.75 14.61 14.25 9.95 12.31 11.95 12.27 10.35 12.96 10.74 6.23 8.56 4.37 5.95 2.73 2.00 Month End Stock Price
Ratios
6.74 3.67 3.12 2.38 4.72 0.85 2.07 1.30 3.66 0.88 -1.74 1.53 0.80 4.20 11.95 0.14 1.09 ROE %
5.76 3.01 2.52 1.89 5.24 0.72 1.82 1.04 3.30 0.61 -1.32 1.91 0.68 6.89 15.13 0.38 4.04 ROE % Adjusted to Book Value
6.24 3.15 2.56 1.85 3.29 0.52 1.11 0.66 1.82 0.42 -0.78 0.67 0.35 1.79 5.87 0.08 0.67 ROA %
6.77 3.67 3.12 2.38 4.72 0.85 2.07 1.30 3.66 0.88 -1.74 1.53 0.80 4.20 11.95 0.14 1.09 Return-on-Tangible-Equity
6.26 3.15 2.56 1.85 3.29 0.52 1.11 0.66 1.82 0.42 -0.78 0.67 0.35 1.79 5.87 0.08 0.67 Return-on-Tangible-Asset
5.68 4.45 3.84 2.92 7.26 150 167 229 424 500 400 674 417 618 2,276 617 172 ROC (Joel Greenblatt) %
4.89 3.98 3.35 2.49 2.71 2.74 2.22 2.11 3.24 1.81 1.03 2.39 2.41 3.94 8.36 1.96 2.67 ROCE %
-9.00 -42.53 708 97.84 16.34 15.58 7.52 5.48 7.25 -- 11.25 0.68 11.03 -8.73 -93.64 28.95 15.00 5-Year RORE %
-- -- -- -- -- -- 0.42 -1.12 6.63 -1.42 -5.30 -3.30 3.10 29.05 3.22 20.41 3.40 1-Year ROIIC %
-- -- -- 1.83 2.07 2.59 2.26 2.09 2.04 1.83 2.14 2.27 2.32 1.54 0.87 0.03 -0.03 ROIC %
9.73 5.41 8.42 8.05 7.74 7.15 6.91 5.26 4.35 5.21 4.91 6.78 7.23 4.61 4.85 5.39 6.46 WACC %
9.07 4.33 3.97 3.05 3.43 3.02 2.73 3.02 2.83 2.72 3.10 3.78 3.76 3.82 4.62 5.14 5.45 Effective Interest Rate on Debt %
-- -- -- 56.97 60.02 62.65 61.28 60.39 58.77 57.79 57.06 56.65 55.33 53.09 51.31 47.20 46.52 Gross Margin %
-- -- -- 20.67 20.71 23.07 18.80 16.78 15.86 14.90 14.97 16.74 16.17 10.97 6.20 0.29 -0.27 Operating Margin %
50.44 26.88 23.65 19.08 31.53 4.72 9.28 5.27 14.36 3.35 -5.85 4.86 2.41 13.27 44.29 0.66 5.35 Net Margin %
62.12 56.20 61.65 57.18 59.77 59.99 56.04 55.92 63.27 52.26 45.56 52.67 50.87 65.15 98.50 54.15 59.99 EBITDA Margin %
-6.42 -8.06 -29.86 29.36 -0.92 -93.34 -226 33.88 1.74 -86.33 15.28 10.84 4.15 -3.85 -13.60 -23.96 -16.56 FCF Margin %
0.10 0.17 0.20 0.32 0.49 0.71 0.88 0.91 0.97 1.09 1.20 1.18 1.23 1.20 0.61 0.54 0.53 Debt-to-Equity
0.89 0.83 0.81 0.74 0.65 0.57 0.51 0.51 0.49 0.46 0.44 0.44 0.43 0.43 0.57 0.62 0.63 Equity-to-Asset
0.08 0.14 0.16 0.23 0.32 0.40 0.45 0.46 0.47 0.50 0.52 0.52 0.53 0.51 0.35 0.33 0.33 Debt-to-Asset
0.11 0.17 0.19 0.26 0.35 0.43 0.49 0.49 0.51 0.54 0.56 0.56 0.57 0.57 0.43 0.38 0.37 Liabilities-to-Assets
12.37 11.72 10.81 5.51 6.26 6.90 7.33 7.58 7.43 7.21 7.63 7.83 7.96 7.18 6.80 6.00 5.81 Gross-Profit-to-Asset %
10.18 2.57 1.55 1.16 3.59 -3.32 -71.18 -5.53 3.11 1.77 6.33 -1.48 11.97 6.57 2.49 1.22 1.33 Degree of Financial Leverage
0.12 0.12 0.11 0.10 0.10 0.11 0.12 0.13 0.13 0.13 0.13 0.14 0.14 0.14 0.13 0.13 0.12 Asset Turnover
2.43 2.22 2.05 3.42 3.17 2.71 4.22 6.28 6.50 8.44 -- 3.83 6.00 1.20 0.41 20.00 0.50 Dividend Payout Ratio
0.91 1.06 0.82 0.96 0.66 0.79 0.72 0.69 0.73 0.75 0.75 0.45 0.39 0.47 0.63 0.48 0.11 Dividend-Payout-to-FFO
-- -- -- -- 79.22 75.77 72.17 72.45 77.20 77.01 73.89 77.56 87.28 109 110 117 127 Days Sales Outstanding
-- -- -- -- 79.22 75.77 72.17 72.45 77.20 77.01 73.89 77.56 87.28 109 110 117 127 Cash Conversion Cycle
-- -- -- -- 4.61 4.82 5.06 5.04 4.73 4.74 4.94 4.71 4.18 3.36 3.31 3.13 2.88 Receivables Turnover
-- -- -- 0.43 0.40 0.37 0.39 0.40 0.41 0.42 0.43 0.43 0.45 0.47 0.49 0.53 0.53 COGS-to-Revenue
0.64 0.62 0.89 0.13 0.45 1.37 2.69 0.07 0.40 1.24 0.20 0.19 0.26 0.32 0.31 0.33 0.33 Capex-to-Revenue
-- -- -- 0.65 2.18 5.93 14.29 0.44 2.55 8.33 1.33 1.13 1.63 2.89 5.00 114 -- Capex-to-Operating-Income
1.11 1.15 1.51 0.31 1.02 3.14 6.24 0.18 0.96 3.29 0.57 0.64 0.86 1.14 1.78 3.60 2.00 Capex-to-Operating-Cash-Flow
* All financial numbers are in millions except for per share data, ratios and percentage change. When Return-on-Tangible-Equity displays Neg. E, it means the the tangible equity is negative. When ROE % or ROE % Adjusted
to Book Value displays Neg. E, it means the the total shareholders equity is negative.
10/16
Financial Statement
Income Statement
121 119 118 116 138 162 214 250 244 250 273 269 269 246 209 166 156 Revenue
-- -- -- 49.82 55.19 60.34 82.72 98.89 101 105 117 117 120 115 102 87.44 83.47 Cost of Goods Sold
121 119 118 65.98 82.86 101 131 151 143 144 156 152 149 131 107 78.18 72.61 Gross Profit
-- -- -- 56.97 60.02 62.65 61.28 60.39 58.77 57.79 57.06 56.65 55.33 53.09 51.31 47.20 46.52 Gross Margin %
12.20 10.42 10.32 6.40 6.86 9.92 11.91 12.98 13.29 14.13 13.47 13.07 14.47 15.00 15.90 13.89 13.70 Selling, General, & Admin. Expense
109 108 108 35.64 47.42 54.05 78.84 95.92 91.36 93.05 101 94.23 90.91 88.56 78.54 63.81 59.32 Other Operating Expense
121 119 118 42.04 54.27 63.97 90.75 109 105 107 115 107 105 104 94.44 77.69 73.03 Total Operating Expense
-- -- -- 23.94 28.58 37.27 40.17 41.90 38.67 37.24 40.81 45.01 43.50 26.96 12.97 0.48 -0.42 Operating Income
-- -- -- 20.67 20.71 23.07 18.80 16.78 15.86 14.90 14.97 16.74 16.17 10.97 6.20 0.29 -0.27 Operating Margin %
9.41 2.48 0.10 0.03 0.02 0.05 0.02 0.00 0.00 -- -- -- -- -- -- -- -- Interest Income
-7.68 -4.92 -6.57 -7.28 -12.67 -16.07 -21.05 -27.43 -25.43 -26.55 -32.39 -38.37 -36.76 -36.03 -32.27 -22.81 -23.67 Interest Expense
1.72 -2.44 -6.47 -7.26 -12.64 -16.02 -21.04 -27.43 -25.43 -26.55 -32.39 -38.37 -36.76 -36.03 -32.27 -22.81 -23.67 Net Interest Income
35.26 33.91 32.64 1.27 3.69 2.03 -1.36 -0.82 22.21 -1.89 -20.36 0.00 -- 41.93 112 23.62 32.68 Other Income (Expense)
36.98 31.47 26.17 17.95 19.62 23.29 17.77 13.65 35.45 8.80 -11.94 6.64 6.74 32.87 92.93 1.30 8.59 Pre-Tax Income
-0.87 0.49 0.58 -0.22 -0.27 -0.34 -0.48 -0.50 -0.43 -0.42 -0.40 -0.36 -0.27 -0.25 -0.64 -0.20 -0.24 Tax Provision
2.36 -1.56 -2.21 1.21 1.36 1.44 2.70 3.65 1.22 4.75 -3.35 5.42 3.99 0.76 0.69 15.72 2.81 Tax Rate %
24.98 -- 1.13 4.36 24.17 -15.32 2.53 -0.00 -- -- -3.60 6.79 -- -- 0.42 -- 0.00 Other Net Income (Loss)
61.09 31.96 27.87 22.09 43.52 7.63 19.83 13.15 35.01 8.38 -15.94 13.07 6.48 32.62 92.72 1.09 8.35 Net Income Including Noncontrolling Interests
36.11 31.96 26.75 17.73 19.36 22.95 17.29 13.15 35.01 8.38 -15.94 13.07 6.48 32.62 92.72 1.09 8.35 Net Income (Continuing Operations)
24.98 -- 1.13 4.36 24.17 -15.32 2.53 -- -- -- -- -- -- -- -- -- -- Net Income (Discontinued Operations)
61.09 31.96 27.87 22.09 43.52 7.63 19.83 13.15 35.01 8.38 -15.94 13.07 6.48 32.62 92.72 1.09 8.35 Net Income
50.44 26.88 23.65 19.08 31.53 4.72 9.28 5.27 14.36 3.35 -5.85 4.86 2.41 13.27 44.29 0.66 5.35 Net Margin %
0.86 0.45 0.38 0.28 0.53 0.09 0.21 0.13 0.35 0.08 -0.15 0.12 0.06 0.30 0.87 0.01 0.08 EPS (Basic)
0.86 0.45 0.38 0.28 0.53 0.09 0.21 0.13 0.35 0.08 -0.15 0.12 0.06 0.30 0.87 0.01 0.08 EPS (Diluted)
70.65 70.48 73.00 79.83 81.86 82.94 93.86 100 100 103 107 107 107 107 107 103 103 Shares Outstanding (Diluted Average)
44.66 36.39 32.74 25.23 32.29 39.35 38.83 41.08 60.88 35.34 20.45 45.01 43.50 68.89 125 24.11 32.26 EBIT
30.56 30.44 39.92 40.99 50.21 57.57 80.90 98.55 93.43 95.24 104 96.62 93.39 91.27 81.01 65.58 61.37 Depreciation, Depletion and Amortization
75.23 66.83 72.66 66.22 82.50 96.92 120 140 154 131 124 142 137 160 206 89.69 93.63 EBITDA
62.12 56.20 61.65 57.18 59.77 59.99 56.04 55.92 63.27 52.26 45.56 52.67 50.87 65.15 98.50 54.15 59.99 EBITDA Margin %
* All financial numbers are in millions except for per share data, ratios and percentage change.
11/16
Financial Statement
Cashflow Statement
61.09 31.96 27.87 22.09 21.59 7.63 19.83 13.15 35.01 8.38 -15.94 13.07 6.48 32.62 92.72 1.09 8.35 Net Income From Continuing Operations
30.56 30.44 39.92 40.99 50.21 57.57 80.90 98.55 93.43 95.24 104 96.62 93.39 91.27 81.01 65.58 61.37 Depreciation, Depletion and Amortization
0.97 0.06 -0.56 -1.12 0.83 -0.35 -2.10 0.09 2.03 -0.19 -0.16 -0.77 0.16 -3.79 5.70 -0.25 0.69 Change In Receivables
0.37 -0.90 0.91 0.99 1.69 0.15 -0.01 0.92 1.00 -0.20 -0.38 -1.00 5.34 -0.80 -2.38 -2.31 -1.07 Change In Prepaid Assets
0.81 0.54 2.52 -0.35 4.21 3.72 11.14 0.21 5.51 5.75 3.87 -4.08 3.91 7.79 -11.10 -5.98 3.54 Change In Payables And Accrued Expense
-2.80 -1.41 -1.94 -3.95 -9.53 -6.75 -6.55 -4.50 -3.25 -3.01 -3.96 -1.41 -12.52 -3.29 -5.50 -11.45 -5.53 Change In Other Working Capital
-0.65 -1.71 0.92 -4.43 -2.80 -3.23 2.47 -3.28 5.29 2.36 -0.63 -7.26 -3.11 -0.10 -13.27 -19.99 -2.37 Change In Working Capital
-- -- -- -- -- -- -- -- -- -- -- -- 0.34 0.34 0.34 0.39 -- Stock Based Compensation
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- 4.24 -- Asset Impairment Charge
-20.88 3.61 0.64 -9.09 -8.04 8.38 -11.18 -5.25 -30.84 -11.60 8.77 -22.23 -15.18 -55.68 -124 -36.07 -41.41 Cash Flow from Others
70.11 64.31 69.36 49.57 60.96 70.36 92.03 103 103 94.38 95.95 80.20 81.92 68.45 36.36 15.23 25.94 Cash Flow from Operations
96.60 66.69 67.79 63.08 93.74 80.03 98.57 111 105 105 108 110 99.86 81.96 60.59 42.97 37.29 FFO
-77.89 -73.89 -105 -38.78 -62.23 -184 -474 -18.56 -88.03 -259 -54.31 -51.06 -70.75 -77.92 -64.83 -54.91 -51.78 Purchase Of Property, Plant, Equipment
96.10 -- 0.67 -- 96.79 -- -- -- -- -- -- -- -- 88.96 573 129 28.10 Sale Of Property, Plant, Equipment
-- -- -- -0.01 -0.01 -0.00 -- -- -- -- -- -- -- -- -- -- -- Purchase Of Business
-- -- -- -- -- -- 4.86 -- -- -- -- 74.93 -- -- -- -- 3.05 Sale Of Business
-105 -0.01 -13.22 -0.01 -0.01 -- -- -- -- -- -- -- -- -- -- -- -- Purchase Of Investment
-- 12.24 8.16 1.32 2.23 -- -- -- -- -- -- -- -- -- -- -- -- Sale Of Investment
-- -- -- -15.56 -62.23 -37.30 -100 -- -10.60 -51.51 -- -- -- -- -- -- -- Net Intangibles Purchase And Sale
1.42 -6.93 -63.19 -17.80 -193 48.88 6.56 20.40 60.53 65.15 49.21 1.77 51.13 -- -3.00 -- 129 Cash From Other Investing Activities
-85.30 -68.60 -172 -70.85 -218 -172 -563 1.84 -38.10 -245 -5.09 25.64 -19.62 11.04 505 74.04 108 Cash Flow from Investing
-- -- 120 22.70 18.00 -- 242 -- -- 83.51 -- -- -- -- -- -- -- Issuance of Stock
-4.77 -- -- -- -- -- -- -- -- -- -- -- -- -- -18.24 -4.84 -- Repurchase of Stock
84.75 75.00 41.54 101 374 695 380 15.00 110 325 275 38.00 45.00 105 91.50 90.00 92.00 Issuance of Debt
-- -17.28 -- -- -210 -527 -70.25 -53.50 -88.00 -185 -277 -91.00 -70.00 -152 -540 -152 -222 Payments of Debt
84.75 57.72 41.54 101 164 168 310 -38.50 22.00 140 -2.00 -53.00 -25.00 -46.50 -449 -62.00 -130 Net Issuance of Debt
-87.66 -70.48 -55.31 -60.59 -62.18 -63.03 -69.59 -76.14 -76.14 -77.48 -81.50 -49.33 -38.60 -38.63 -38.49 -53.99 -4.13 Cash Flow for Dividends
-0.12 -0.69 -4.91 -0.83 -7.08 -5.33 -12.69 -2.47 -- -4.26 -6.90 -2.16 -0.08 -- -- -2.56 1.88 Other Financing
-7.80 -13.46 101 62.09 113 99.39 469 -117 -54.14 142 -90.40 -104 -63.69 -85.13 -505 -123 -132 Cash Flow from Financing
69.97 46.99 29.24 27.40 68.21 23.81 21.27 19.62 7.52 18.19 9.37 9.82 11.18 9.79 4.15 40.75 4.69 Beginning Cash Position
-22.99 -17.74 -1.84 40.81 -44.40 -2.55 -1.64 -12.10 10.64 -8.82 0.45 1.36 -1.39 -5.64 36.60 -34.12 2.00 Net Change in Cash
46.99 29.24 27.40 68.21 23.81 21.27 19.62 7.52 18.16 9.37 9.82 11.18 9.79 4.15 40.75 6.63 6.70 Ending Cash Position
-77.89 -73.89 -105 -15.56 -62.23 -221 -574 -18.56 -98.64 -310 -54.31 -51.06 -70.75 -77.92 -64.83 -54.91 -51.78 Capital Expenditure
-7.78 -9.58 -35.19 34.00 -1.27 -151 -482 84.61 4.25 -216 41.64 29.15 11.17 -9.47 -28.47 -39.68 -25.84 Free Cash Flow
12/16
Financial Satement
Balance Sheet
46.99 29.24 27.40 68.21 23.81 21.27 19.62 7.52 18.16 9.34 9.77 11.18 9.79 2.65 34.31 3.74 5.95 Cash And Cash Equivalents
46.99 29.24 27.40 68.21 23.81 21.27 19.62 7.52 18.16 9.34 9.77 11.18 9.79 2.65 34.31 3.74 5.95 Cash, Cash Equivalents, Marketable Securities
-- -- -- -- 29.96 37.12 47.36 51.75 51.40 54.04 56.32 57.94 70.73 75.45 50.98 54.94 52.21 Accounts Receivable
-- -- -- -- 141 93.90 99.75 93.64 119 81.78 71.72 70.66 21.00 21.00 24.00 19.76 -- Loans Receivable
8.86 10.15 12.42 20.67 0.00 0.00 0.00 0.00 -0.00 -- -- 0.00 -- -- -0.00 0.00 -- Other Current Receivables
8.86 10.15 12.42 20.67 170 131 147 145 170 136 128 129 91.73 96.45 74.98 74.70 52.21 Total Receivables
-- -- -- -- 17.07 24.91 11.15 11.03 5.51 9.13 8.43 10.40 7.25 7.25 6.44 2.89 9.61 Other Current Assets
55.85 39.39 39.82 88.89 211 177 178 164 194 154 146 150 109 106 116 81.34 67.76 Total Current Assets
-- -- -- -- 87.60 81.96 80.49 78.61 77.02 75.17 70.16 -- -- -- -- -- -- Investments And Advances
99.14 107 115 123 -- -- -- -- -- -- -- -- -- -- -- -- -- Land And Improvements
743 811 844 868 -- -- -- -- -- -- -- -- -- -- -- -- -- Buildings And Improvements
0.21 0.30 0.33 0.58 0.90 1.13 1.46 1.65 1.82 1.59 1.71 1.71 1.55 1.61 1.40 1.27 1.28 Machinery, Furniture, Equipment
0.31 0.28 0.38 0.50 -- -- -- -- -- -- -- -- -- -- -- -- -- Other Gross PPE
843 918 959 992 0.90 1.13 1.46 1.65 1.82 1.59 1.71 1.71 1.55 1.61 1.40 1.27 1.28 Gross Property, Plant and Equipment
-52.06 -74.13 -98.63 -124 -0.43 -0.58 -0.75 -1.04 -1.33 -1.28 -1.42 -1.51 -1.36 -1.44 -1.20 -1.12 -1.15 Accumulated Depreciation
791 844 861 868 0.47 0.54 0.71 0.61 0.48 0.31 0.29 0.20 0.18 0.16 0.20 0.15 0.13 Property, Plant and Equipment
157 142 254 282 1,109 1,266 1,785 1,693 1,648 1,858 1,774 1,748 1,734 1,687 1,248 1,160 1,131 Other Long Term Assets
948 986 1,115 1,150 1,197 1,349 1,866 1,772 1,725 1,934 1,844 1,748 1,734 1,687 1,248 1,160 1,132 Total Long-Term Assets
1,003 1,025 1,155 1,239 1,409 1,526 2,044 1,936 1,919 2,088 1,991 1,898 1,843 1,793 1,364 1,242 1,199 Total Assets
21.82 23.95 25.20 24.24 26.45 31.12 44.14 42.56 49.49 57.26 61.04 59.18 66.66 72.06 89.49 50.37 32.50 Current Accrued Expense
21.82 23.95 25.20 24.24 26.45 31.12 44.14 42.56 49.49 57.26 61.04 59.18 66.66 72.06 89.49 50.37 32.50 Accounts Payable & Accrued Expense
84.75 67.47 109 210 -- -- -- -- -- -- -- -- -- -- -- -- -- Short-Term Debt
84.75 67.47 109 210 -- -- -- -- -- -- -- -- -- -- -- -- -- Short-Term Debt & Capital Lease Obligation
-- -0.00 0.00 -- -- -- -- -- -- -- -- -- -- -- -- -- -- Other Current Liabilities
107 91.42 134 234 26.45 31.12 44.14 42.56 49.49 57.26 61.04 59.18 66.66 72.06 89.49 50.37 32.50 Total Current Liabilities
-- 75.00 75.00 74.85 449 617 927 888 908 1,045 1,042 988 965 920 474 412 399 Long-Term Debt
-- -- 4.48 5.11 -- -- -- -- -- -- -- -- 1.89 1.54 1.16 0.76 0.55 Long-Term Capital Lease Obligation
-- 75.00 79.48 79.96 449 617 927 888 908 1,045 1,042 988 967 922 475 413 400 Long-Term Debt & Capital Lease Obligation
0.10 0.17 0.20 0.32 0.49 0.71 0.88 0.91 0.97 1.09 1.20 1.18 1.23 1.20 0.61 0.54 0.53 Debt-to-Equity
-- -- -- -- 2.22 2.54 2.99 3.76 3.73 3.78 3.64 3.04 3.40 3.92 4.70 3.64 2.29 PensionAndRetirementBenefit
6.28 10.02 3.88 3.01 9.63 10.91 20.25 22.42 22.50 19.83 12.95 10.11 19.56 27.58 11.99 5.91 5.82 Other Long-Term Liabilities
6.28 85.02 83.37 82.97 461 630 950 914 934 1,069 1,058 1,001 990 953 491 423 408 Total Long-Term Liabilities
113 176 218 317 487 661 994 957 983 1,126 1,119 1,060 1,056 1,025 581 473 440 Total Liabilities
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 Common Stock
1.59 -36.93 -64.37 -103 -122 -177 -227 -290 -331 -400 -497 -534 -566 -572 -551 -570 -578 Retained Earnings
-- -3.10 -2.08 -1.08 -- -1.22 3.28 -4.25 -7.11 5.48 12.17 14.77 -4.68 -17.31 -5.24 4.36 2.48 Accumulated other comprehensive income (loss)
889 889 1,004 1,025 1,043 1,043 1,274 1,274 1,274 1,356 1,356 1,356 1,357 1,357 1,339 1,335 1,335 Additional Paid-In Capital
0.00 -- -- -- -- -- -0.00 0.00 -0.00 -- -0.00 -- -0.00 -- -0.00 -- 0.00 Other Stockholders Equity
891 849 937 922 921 865 1,050 980 936 962 871 838 786 768 783 769 759 Total Stockholders Equity
891 849 937 922 921 865 1,050 980 936 962 871 838 786 768 783 769 759 Total Equity
0.89 0.83 0.81 0.74 0.65 0.57 0.51 0.51 0.49 0.46 0.44 0.44 0.43 0.43 0.57 0.62 0.63 Equity-to-Asset
13/16
Valuation Ratios
Valuation Ratios
17.21 32.78 38.45 50.89 18.77 137 56.90 94.38 29.57 162 At Loss 51.92 143 14.57 6.84 273 25.00 PE Ratio
29.02 32.78 39.49 64.19 41.46 43.96 66.39 101 88.46 144 At Loss 51.92 143 At Loss At Loss At Loss At Loss PE Ratio without NRI
-- -- -- -- 66.78 -- 74.22 19.73 15.13 -- -- -- -- 42.84 6.47 -- 44.44 Price-to-Owner-Earnings
1.17 1.22 1.24 1.26 0.90 1.18 1.14 1.25 1.11 1.44 1.32 0.80 1.17 0.61 0.79 0.37 0.27 PB Ratio
1.17 1.22 1.24 1.26 0.90 1.18 1.14 1.25 1.11 1.44 1.32 0.80 1.17 0.61 0.79 0.37 0.27 Price-to-Tangible-Book
-- -- -- 33.45 -- -- -- 14.54 246 -- 27.68 22.90 82.31 -- -- -- -- Price-to-Free-Cash-Flow
14.92 16.17 15.38 22.95 13.36 14.52 12.18 11.91 10.08 14.12 12.00 8.33 11.20 6.85 17.45 18.57 7.97 Price-to-Operating-Cash-Flow
8.63 8.74 9.05 9.82 5.90 6.32 5.25 4.92 4.25 5.33 4.23 2.49 3.41 1.91 3.03 1.70 1.32 PS Ratio
-- -- -- -- -- 29.11 9.50 9.45 7.06 21.02 -- -- -- -- -- -- -- PEG Ratio
8.93 9.69 11.24 11.94 9.06 10.00 9.85 8.45 7.90 9.71 8.01 6.12 6.97 5.65 5.06 4.17 3.85 EV-to-Revenue
14.37 17.25 18.24 20.87 15.16 16.68 17.57 15.11 12.48 18.57 17.58 11.62 13.70 8.67 5.14 7.71 6.41 EV-to-EBITDA
24.20 31.68 40.48 54.78 38.72 41.08 54.19 51.36 31.64 68.63 107 36.55 43.10 20.15 8.46 28.67 18.62 EV-to-EBIT
4.13 3.16 2.47 1.83 2.58 2.43 1.85 1.95 3.16 1.46 0.94 2.74 2.32 4.96 11.82 3.49 5.37 Earnings Yield (Joel Greenblatt) %
22.55 -3.20 -2.72 -5.07 -5.97 3.09 9.38 16.64 17.70 8.04 1.00 -3.15 -5.78 -6.59 3.31 3.35 -6.62 Forward Rate of Return (Yacktman) %
-- -- -- 13.97 10.32 14.13 15.66 18.51 18.95 34.97 41.07 27.55 44.62 23.00 26.36 11.90 9.23 Shiller PE Ratio
-- -- -- 1.24 0.82 0.98 0.96 1.00 0.85 1.10 0.95 0.57 0.81 0.44 0.59 0.27 0.20 Cyclically Adjusted PB Ratio
-- -- -- 13.90 8.28 8.66 7.15 6.97 5.64 6.18 4.90 2.72 3.57 1.76 2.24 1.00 0.73 Cyclically Adjusted PS Ratio
-- -- -- 43.35 32.92 46.62 48.92 68.21 50.04 80.86 106 42.40 37.65 29.64 44.72 -- -- Cyclically Adjusted Price-to-FCF
8.38 6.78 5.20 5.33 7.64 6.17 6.36 6.19 7.34 5.86 7.08 7.38 4.21 8.24 6.05 7.25 2.05 Dividend Yield %
-0.75 -0.92 -3.02 2.93 -0.15 -14.77 -40.26 6.88 0.41 -15.52 3.62 4.36 1.22 -2.02 -4.60 -14.08 -12.49 FCF Yield %
10.83 15.59 15.73 18.04 8.69 12.76 11.38 11.09 9.89 12.73 10.64 6.09 9.19 5.72 10.48 6.56 5.54 Price-to-FFO
Valuation and Quality
1,043 1,040 1,164 1,160 825 1,021 1,197 1,229 1,037 1,390 1,152 668 918 469 619 282 207 Market Cap
1,081 1,153 1,325 1,382 1,250 1,616 2,104 2,110 1,926 2,426 2,183 1,645 1,875 1,388 1,059 691 601 Enterprise Value
14.80 14.75 14.61 14.25 9.95 12.31 11.95 12.27 10.35 12.96 10.74 6.23 8.56 4.37 5.95 2.73 2.00 Month End Stock Price
-0.93 -2.09 -2.39 -3.06 -5.59 -7.72 -9.72 -9.47 -9.63 -10.41 -10.35 -9.79 -9.76 -9.53 -5.26 -4.54 -4.20 Net Cash per Share
-0.81 -1.94 -2.23 -2.80 -3.33 -5.84 -8.14 -7.91 -7.88 -9.06 -9.07 -8.49 -8.83 -8.56 -4.47 -3.79 -3.60 Net Current Asset Value
-0.93 -2.09 -2.39 -3.06 -5.32 -7.38 -9.37 -9.09 -9.25 -10.04 -9.95 -9.38 -9.26 -9.00 -4.89 -4.15 -3.82 Net-Net Working Capital
11.95 10.83 9.11 8.84 8.67 8.24 11.63 12.97 15.52 7.98 7.79 7.05 5.68 4.05 3.81 3.96 5.67 Intrinsic Value: Projected FCF
-- -- -- -- -- -- -- 19.43 18.26 16.34 15.33 13.68 12.87 10.92 8.48 5.78 5.07 Median PS Value
-- -- -- -- -- -- 1.26 1.50 2.07 0.69 -- -- -- -- -- -- -- Peter Lynch Fair Value
12.04 11.04 9.90 7.52 7.75 8.10 6.52 5.16 4.96 4.26 -- 4.59 3.15 -- -- -- -- Graham Number
-50.39 -51.24 -15.09 -17.24 -15.65 -17.10 -17.04 -11.32 -12.46 -19.94 -17.60 -15.57 -16.43 -15.88 -7.08 -7.94 -8.24 Earnings Power Value (EPV)
5.76 3.66 3.23 2.10 1.23 1.07 0.81 0.84 0.71 0.70 0.49 0.26 0.34 0.11 0.55 -0.06 -0.14 Altman Z-Score
6.00 3.00 4.00 5.00 6.00 5.00 5.00 5.00 7.00 4.00 5.00 8.00 4.00 5.00 5.00 6.00 5.00 Piotroski F-Score
14.63 -2.68 -2.27 -2.01 3.97 -2.64 -2.49 -2.67 -2.55 -2.85 -2.73 -2.65 -2.94 -2.51 -2.84 -2.50 -2.93 Beneish M-Score
0.97 0.96 1.07 0.99 1.09 1.04 1.28 0.91 0.94 1.04 0.91 0.91 0.92 0.92 0.68 0.86 0.95 Scaled Net Operating Assets
7.60 3.53 11.31 3.50 14.26 7.18 23.99 -4.74 -1.55 7.61 -5.37 -4.89 -3.03 -2.61 -32.92 -7.10 -10.50 Sloan Ratio %
0.52 0.43 0.30 0.38 7.99 5.69 4.03 3.85 3.91 2.69 2.40 2.54 1.63 1.48 1.29 1.61 2.08 Current Ratio
0.52 0.43 0.30 0.38 7.99 5.69 4.03 3.85 3.91 2.69 2.40 2.54 1.63 1.48 1.29 1.61 2.08 Quick Ratio
0.44 0.32 0.20 0.29 0.90 0.68 0.44 0.18 0.37 0.16 0.16 0.19 0.15 0.04 0.38 0.07 0.18 Cash Ratio
-- -- -- 3.29 2.26 2.32 1.91 1.53 1.52 1.40 1.26 1.17 1.18 0.75 0.40 0.02 -- Interest Coverage
21.00 16.09 15.14 15.54 15.38 12.31 15.27 12.88 13.46 13.15 13.26 10.75 8.88 8.41 6.59 6.22 3.19 Highest Stock Price
14.45 8.40 10.09 11.05 9.94 9.58 11.76 11.19 9.54 8.81 9.74 6.10 6.27 3.44 4.10 2.40 1.13 Lowest Stock Price
0.40 -- -13.05 -2.20 -1.84 -- -20.80 -- -- -7.03 -- -- -0.04 -0.06 3.10 0.73 -0.19 Shares Buyback Ratio %
0.46 -- -10.27 -1.96 -2.18 -- -20.17 -- -- -6.01 -- -- -- -- 2.95 1.72 -- Buyback Yield %
21,325 -1.58 -4.33 -10.10 16.20 15.54 16.84 9.49 -2.33 -0.16 4.61 -1.38 0.08 -8.69 -14.32 -18.34 -10.85 YoY Rev. per Sh. Growth
-47.88 -47.67 -15.56 -26.32 89.29 -83.02 133 -38.10 169 -77.14 -288 180 -50.00 400 190 -98.85 -87.88 YoY EPS Growth
2.50 -10.99 4.96 -16.58 21.45 15.97 9.15 9.25 10.47 -17.53 -8.82 14.08 -3.33 16.91 29.47 -55.10 -42.45 YoY EBITDA Growth
-- -4.09 -1.49 -4.73 -3.64 1.51 6.99 10.73 12.53 6.85 0.23 -2.57 -3.47 -1.60 6.17 4.95 -0.40 5-Year EBITDA Growth Rate
70.65 70.48 73.00 79.83 81.86 82.94 93.86 100 100 103 107 107 107 107 107 103 103 Shares Outstanding (Basic Average)
70.48 70.48 79.68 81.44 82.94 82.94 100 100 100 107 107 107 107 107 104 103 103 Shares Outstanding (EOP)
-- 0.54 0.82 0.96 1.31 1.23 1.07 0.81 0.57 0.74 0.70 1.51 1.53 0.94 0.68 0.62 0.71 Beta
02/22/08 02/23/09 02/23/10 02/23/11 02/21/12 02/19/13 02/18/14 02/17/15 02/16/16 02/15/17 02/13/18 02/12/19 02/11/20 02/16/21 02/15/22 02/14/23 Filing Date
02/23/09 02/23/09 02/23/11 02/19/13 02/18/14 02/17/15 02/16/16 02/15/17 02/13/18 02/12/19 02/11/20 02/16/21 02/15/22 02/15/22 02/14/23 02/14/23 Restated Filing Date
02/23/10 02/22/12 02/20/13 02/18/15 02/17/16 02/15/17 02/14/18 02/13/19 02/12/20 02/17/21 02/16/22 02/15/23 Earnings Release Date
4,794 5,652 -- -- -- -- -- -- -- 10,345 12,134 10,107 9,610 10,031 15,167 15,350 15,350 Number of Shareholders
38.00 40.00 43.00 43.00 34.00 35.00 38.00 40.00 40.00 39.00 39.00 38.00 37.00 37.00 32.00 28.00 28.00 Number of Employees
14/16
Business & Geographic Segmentation

Business Segments
-- -- -- -- -- -- -- -- -- 244 267 264 266 244 208 164 155 Rental
-- -- -- -- -- -- -- -- -- 5.47 5.29 5.06 3.52 1.61 1.70 1.86 1.40 Management fees and interest income from loans
-- -- -- -- -- -- -- -- -- 0.07 0.04 0.03 0.02 0.03 0.08 0.02 0.01 Other
Geographic Segments
-- -- -- -- -- -- -- -- -- 250 273 269 269 246 209 166 -- United States
15/16
Explanation
1. Predictability Rank
GuruFocus Predictability Rank is a proprietary ranking of the consistency of a business. We rank the predictability of companies based on the consistency
of their revenue per share and EBITDA (earnings before interest, tax, depreciation and amortization) per share over the past 10 fiscal years. Our study
found that there is a strong correlation between the stock performance and the predictability of a business. Over the long term, companies with higher
predictability also have better stock performance.
The rank is from 1-star to 5-star, with 5-star as the best.
2. Financial Strength
GuruFocus Financial Strength Rank measures how strong a company's financial situation is. It is based on these factors:
1. The debt burden that the company has as measured by its Interest Coverage (current year). The higher, the better.
2. Debt to revenue ratio. The lower, the better.
3. Altman Z-Score.
The rank is from 1 to 10, with 10 as the highest.
A Financial Strength rank of 8 or above indicates good financial strength; between 4-7 indicates fair financial strength; 3 or below means poor financial
strength.
3. Profitability Rank
GuruFocus Profitability Rank indicates how profitable a company is and how likely it is that the company's business will stay that way. It is based on these
factors:
1. Operating Margin %.
2. Piotroski F-Score.
3. Trend of the Operating Margin percentage (five-year average). A company with an uptrend in profit margin will have a higher rank.
4. Consistency of the profitability.
5. Predictability Rank.
The rank is from 1 to 10, with 10 as the highest.
A Profitability Rank of 8 or above indicates good profitability; between 4-7 indicates fair profitability; 3 or below means poor profitability.
4. Peter Lynch Chart
In Peter Lynch's excellent book, "One Up on Wall Street," he used many charts to illustrate the valuation of stocks. “A quick way to tell if a stock is
overpriced is to compare the price line to the earnings line. If you bought familiar growth companies – such as Shoney’s, The Limited, or Marriott – when
the stock price fell well below the earnings line, and sold them when the stock price rose dramatically above it, the chances are you’d do pretty well.”
The original Peter Lynch Chart does have limitations due to the right side price scale is pre-set at 15 times the earnings scale on the left side. When the
stock price and earnings line coincide, the price-to-earnings ratio is always 15 times. Instead of using the fixed PE Ratio of 15, our approach is using 15-
year historical median PE without NRI Ratio for each stock.
The Peter Lynch Chart with earnings line at median PE without NRI ratio works well for the companies with steady growth and earnings trends, or the
stalwarts, as coined by Lynch. These companies tend to be found in sectors such as consumer staples, healthcare, and utilities, where the consumption of
the product or service is relatively independent of economic conditions. It does not work well with the sectors that are cyclical: industrials, chemicals,
durable goods, and so forth.
5. GF Value
Based on the relationship between the current stock price and the GF Value, GuruFocus provides the following 6 evaluations:
1. Possible Value Trap, Think Twice

2. Significantly Overvalued
3. Modestly Overvalued
4. Fairly Valued
5. Modestly Undervalued
6. Significantly Undervalued
There is only a sufficient margin of safety when the stock is undervalued.
Disclaimer
GuruFocus.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on
GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor
does it constitute, investment advice or recommendations. The gurus may buy and sell securities before and after any particular article and report and
information herein is published, with respect to the securities discussed in any article and report posted herein. In no event shall GuruFocus.com be liable
to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on
GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits,
lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The
information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information
on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com,
LLC. Stock quotes provided by InterActive Data. Fundamental company data provided by Morningstar, updated daily.
16/16

GuruFocus Report 0P000002AC

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

GuruFocus Report 0P000002AC

Uploaded by

Copyright:

Available Formats

GuruFocus Manual of Stocks™ | Nov 07, 2023

Franklin Street Properties Corp (AMEX:FSP) www.gurufocus.com/stock/AMEX:FSP

Atlanta, Dallas, Denver, Houston, and Minneapolis. It owns a

Financial Strength[2] (Quarterly data, as of Jun. 2023) : Poor (3/10) 0 1 2 3 4 5 6 7 8 9

Cash-to-Debt : 0.02 Piotroski F-Score : 5

Equity-to-Asset : 0.63 WACC : 6.46% vs ROIC : -0.03%

Dividend Yield : 2.76%

Profitability[3] (Annual data, as of Dec. 2022) : Fair (6/10) 0 1 2 3 4 5 6 7 8 9

Operating Margin % : -4.01%

Valuation (Quarterly data, as of Jun. 2023)

Valuation Chart (Current stock price : $2.00) PS Ratio : 0.96

The price-to-sales ratio is a valuation ratio that compares a company’s stock

PE Ratio without NRI : At Loss

The price-to-earnings ratio can be affected by Non Operating Income such

Enterprise value of a company divided by its trailing 12 months earnings

Historical Price and PE Band Historical Price and PB Band

Severe Warning Signs Medium Warning Signs

Financial Strength : Poor Dividend Yield % : Close to 10-year low

Altman Z-Score : Distress PE Ratio : Close to 3-year high

Revenue per Share : Declined

Gross Margin % : Declined

Operating Margin % : Declined

Beneish M-Score : Unlikely manipulator

Insider Buy : Insider Buying

5 Year Price Change Comparison

Competitive Comparison - Cont.

Peter Lynch Chart[4]

Per Share Data

Per Share Data

Business & Geographic Segmentation

The rank is from 1-star to 5-star, with 5-star as the best.

The rank is from 1 to 10, with 10 as the highest.

The rank is from 1 to 10, with 10 as the highest.

4. Peter Lynch Chart

1. Possible Value Trap, Think Twice

There is only a sufficient margin of safety when the stock is undervalued.

You might also like